Abundant receives government grants

Plant breeding company, Abundant Produce Limited (ASX: ABT), has received various grants and rebates to boost its R&D initiatives.

The company has received a research and development tax incentive from the government for $630,000, an increase on the previous estimate of $250,000.

The NSW Government's TechVouchers program will fund a $20,000 project in collaboration with the University of NSW for the Taste of Research Programme and R&D for ABT's Lycopene ActiveLyco products.

A third source of funds of over $50,000 will also be received due to an Export Markets Development Grant return, and a further $110,000 via an Innovations Connections grants from the Australian Government which will fund a new graduate and R&D for future products.

The government's Export Markets Development Grant is an export grant provided to companies that are extending their reach on a global scale. ABT has been exporting seed to the USA, UK and the Middle East for two years and is looking to develop its export revenues further. The Federal Government's Austrade division has refunded 50 percent of the company's export-associated costs aEUR" to the amount of $50,000.